极目新闻通讯员 楚棠 在保障资金安全层面，京东通过全链路数字化形式，确保资金合规可溯源。过去几年，京东积极承接多地政府促消费的合作，持续优化防套补、防黄牛等 能力，在每一地上线的活动均有单独的风控策略，可确保补贴真实安全抵达消费者。 政策与市场的积极协同，不仅切实提升了消费者的幸福感，也进一步增强了市场发展信心。未来，京东将持续做好两新政策的落地实施工作，助力国家换 新补贴更高效、公平、安全地覆盖广大消费者。 在线上，消费者打开京东APP，搜索"国家补贴"即可抵达活动会场。在线下，全国近3万家京东MALL、京东电器城市旗舰店、京东之家以及京东家电专 卖店同步准备就绪。 自2024年"两新"政策实施以来，在商务部等部委的指导统筹下，京东采销、客服、研发、物流等数十万工作人员积极参与，以极大的热情和资金投入，全 力保障国家补贴高效、普惠落地。 为更好配合以旧换新政策落地普惠，进一步促进乡村消费提振，京东在承接以旧换新工作的基础上，2025年针对乡镇及以下地区累计投入近300亿元，用 于商品补贴、营销推广、物流履约、服务能力建设等，为广大乡镇及以下消费者带去国家补贴与京东补贴的多重福利与海量国补产品，以及一站式高效 ...

Core Insights - The "Double Eleven" shopping festival is experiencing a peak, with Tmall officially starting sales and JD.com launching a super subsidy day. However, the national subsidy application process is tightening, impacting consumer participation [1][5]. Group 1: National Subsidy Overview - The Chinese government has allocated a total of 300 billion yuan for subsidies in 2023, with 69 billion yuan released in October as part of the fourth batch [1]. - The subsidy application rate is approximately 10% to 15%, indicating a significant reduction in accessibility for consumers [1][15]. - The national subsidy program has expanded from eight categories to fifteen, including new categories such as microwaves and smart devices, which has stimulated market activity [3][4]. Group 2: Consumer Behavior and Market Impact - The national subsidy has a multiplier effect, with every 1 yuan in subsidies potentially generating 3.5 to 4 yuan in consumer spending [3]. - Sales in categories like automobiles and home appliances have exceeded 1.3 trillion yuan due to the subsidy program, with projections indicating further growth [3]. - Consumers are increasingly resorting to creative methods to access subsidies, such as using addresses in cities with available funds, highlighting the challenges faced in the current subsidy environment [4][15]. Group 3: Changes in Subsidy Distribution - The distribution of subsidies has shifted to a more stringent process, including lottery systems and limited allocations, to combat fraud and misuse [5][13]. - Different regions have adopted varying methods for subsidy distribution, with some requiring consumers to register for eligibility before making purchases [11][13]. - The low success rate in obtaining subsidies (around 10% in many areas) is affecting consumer purchasing decisions during major sales events [15].

Core Insights - The "post-examination economy" is a significant component of the summer economy, showing notable growth in service consumption, which not only meets the personal needs of students but also stimulates family spending [1][2] Group 1: Consumption Trends - There has been a threefold increase in search volume for "graduation travel" since June, indicating a surge in demand for travel among students after exams [1] - Discounts and promotions for students, such as free or discounted admission to attractions with exam admission tickets, are prevalent, enhancing consumer enthusiasm [1] - The "upgrade" of personal items like smartphones and tablets is also trending, supported by government policies and retailer promotions aimed at graduates [1] Group 2: Service Consumption Growth - As China's GDP per capita exceeds $13,000, service consumption is rapidly increasing, with projections indicating that by 2024, service consumption will account for 46.1% of per capita consumption expenditure [3] - There remains significant room for growth in service consumption compared to developed countries, where the figure is around 60% [3] Group 3: Youth Consumer Behavior - The "Z generation" prioritizes experiential value and quality over mere functionality, showing a willingness to spend on unique experiences and social activities [4] - Popular consumption venues include theme parks, cultural sites, and events like concerts, which cater to the social and emotional needs of young consumers [4] Group 4: Consumer Environment Optimization - The lack of standardized regulations in the service consumption sector has led to issues such as false advertising and privacy breaches, which can harm consumer trust [5] - Continuous innovation in supply-side offerings is essential, focusing on understanding young consumers' preferences and integrating new technologies to create diverse and personalized services [5]